Looking at the FIB R chart we can see that the Total Market Cap has a lot of catch top to do to get out of the red zone.
Total Market Cap is currently around 1.27T. First monthly resistance is 1.336T that the market needs to get above to give an indication of strength for the weeks to follow. A breach above Fib R 0.236 equivalent to 1.47T is a must for a market recovery.
I am not saying we are not getting there... but this could very much take us till next week or the beginning of August fro these resistances to be breached. So hang on there...